Thursday, January 31, 2008

Nigeria's fuel bill

Just came across some interesting stats:

N16.408 trillion (US$140 billion) is spent annually on putting diesel into generators in Nigeria. The breakdown is as follows:

  • Telecoms sector, N6.7 trillion is spent on diesel (to power base stations)
  • Petrol stations spend N43.98 billion
  • Factories N191.08 billion
  • Banks N11.7 billion
  • Insurance companies N80 billion
  • Residential N7.812 trillion
  • Businesses, N1.57 trillion

In terms of petrol to fuel cars, consumption is put at 300,000,000 litres per day.

At the current pump price of N70 per litre, that makes N21 billion per day, N651 billion per month, and N7.812 trillion or U$66.769 billion per annum.

Nigeria’s total fuel bill is therefore N24.22 trillion per year (US$206.77 billion).


Anonymous,  7:25 pm  

Where'd you get your stats from J? :)

Anonymous,  7:28 pm  

How can 22 trillion naira equal ?200 trillion dollars? Really?!

Random African 7:30 pm  

errrr.. those numbers are wrong on so many levels..

and i mean it's wrong math, not wrong for Nigeria to spend so much:

Jeremy 7:31 pm  

well spotted second anonymous. Tis now corrected..

Anonymous,  7:45 pm  

It seems odd that insurance companies spend almost 8 times what banks spend. Very doubtful, given that banks need power to say online.

Looks iffy, that stat......

Anonymous,  2:54 am  

You know that your critical eye that I have come to appreciate you for. Abeg, Jeremy, read this posting on Aijuswanarite's blog:

Like, please.

It's not only This Day that you will be railing against. I am disappointed with awon Vanguard people, leading me to read the stats in Dele Sobowale's article about Oby with a somewhat 'hmmmmm' feeling.

Does anyone bother checking and sourcing the data in Vanguard?

ababoypart2 7:17 am  

Looking beyond the figures...this is worrying stuff.

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